London Capital and Finance

masonic

eskbanker wrote: »

Yes, true - I wasn't seeking to imply that everything on the LC&F site was accurate and honest, but was just commenting on the presence and prominence of the requisite FCA-approved wording about investor risk and self-certification declaration.

Yes, there are two, IMO, quite different positions surrounding the deception: The first position was around the portrayal of the product as equivalent to a savings account, even going so far as to suggest FSCS protection applied. The second being an understanding that there was risk, and the theoretical possibility of losing money, but that the risk was so well mitigated by assets held in security so as to make it negligible.

I think it is fair to point out that there were signs to indicate this was not a savings account or equivalent.

It's the latter position for which I have most sympathy. There was someone who started posting here soon after the FCA first started imposing restrictions on LCF, who stated she understood the risks, but was still of the belief the "assets" were actually things that could be sold for more than the value of the money lent, which was a reasonable belief to have held. At that point we were all still struggling to identify any of the borrowers, let alone what assets could possibly have been taken as security. Of course, we later found the key to identifying borrowers and this revealed the "assets" were all hope value and little of substance.

Supercalafragalistic

https://beta.companieshouse.gov.uk/company/11102614/filing-history

Elten and careless link under filing history....and with stephen jones rpdigital......thought these people didnt know each other.

Supercalafragalistic

https://beta.companieshouse.gov.uk/company/06177275/officers

Rubclucker

I remember speaking to one of the advisors at LCF when I was thinking about investing and I seem to remember the man saying that all calls are recorded?? I imagine the investigators could get the recordings to hear all of the mis selling by these financial advisors at LC&F

Alexland

eskbanker wrote: »

However, once people got to the LC&F site, there were plenty of warnings using FCA-compliant wording (as highlighted in the earlier years of this thread and indeed your reference to 'throughout the paperwork') so to me it's a weaker argument to claim deception there.

"There is nothing more deceptive than an obvious fact.” ― Arthur Conan Doyle

The truth was hidden by design by making the warnings so clear and obvious people would trust the words and skim over them. As a bonus it covered their backs and extended the opportunity.

Alex

londoninvestor

masonic wrote: »

Yes, there are two, IMO, quite different positions surrounding the deception: The first position was around the portrayal of the product as equivalent to a savings account, even going so far as to suggest FSCS protection applied. The second being an understanding that there was risk, and the theoretical possibility of losing money, but that the risk was so well mitigated by assets held in security so as to make it negligible.

And third (or perhaps two and a halfth, since it relates to the point you make here): that borrowers would be selected on commercial grounds with arms-length due diligence.

Botheredin

Rubclucker wrote: »

I remember speaking to one of the advisors at LCF when I was thinking about investing and I seem to remember the man saying that all calls are recorded?? I imagine the investigators could get the recordings to hear all of the mis selling by these financial advisors at LC&F

About as believable as the 8% returns that those recordings exist.

ffacoffipawb

As well as Blackmore Bonds here is another clone

https://invest.bassetgold.co.uk/our-bonds/ifisa-2?utm_campaign=ISA&utm_medium=FB-Ads&utm_source=facebook&utm_term=Look&utm_bg_campaign=Facebook_Look&utm_bg_product=ISA&utm_landing_page=ifisa-2

AnotherJoe

Rubclucker wrote: »

I just joined here because I saw the program on BBC South West about LC&F.

I was very close to investing some money I have saved for retirement. One thing I find odd though is when I did the application there was a box you had to tick to say you weren't investing more than 10% of all of your money (unless you're rich..... Not me!).

I feel for everyone that has lost money but why are people saying they have lost everything if you have to tick a box yourself to say you won't invest more than 10%?

If I had 100,000 and lost 10,00 it would be a !!!!!! but I wouldn't be losing mine and my wife's house... So I don't get it?

Some posters here denied ever seeing that tick box.

AnotherJoe

ffacoffipawb wrote: »

As well as Blackmore Bonds here is another clone

https://invest.bassetgold.co.uk/our-bonds/ifisa-2?utm_campaign=ISA&utm_medium=FB-Ads&utm_source=facebook&utm_term=Look&utm_bg_campaign=Facebook_Look&utm_bg_product=ISA&utm_landing_page=ifisa-2

On that page

No secondary market – There is no secondary market for investors to sell their bonds.

Question ; Does that not mean its actually not eligible to be a ISA or did i misunderstand the recent HMRC decsion that LC&F ISAs, werent.